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Fitch: Sun view negative
Fitch Ratings said it affirmed Sun Microsystems, Inc.'s BBB- issuer default and senior unsecured debt ratings and revised the outlook to negative from stable.
The revision reflects Sun's deteriorating demand outlook, recent share losses in the server market, significant decline in gross margin and increasing probability of weaker credit protection measures the next several quarters, according to the agency.
Ratings are supported by sufficient liquidity, positive free cash flow, strong balance sheet with significant net cash position and solid credit protection measures, the agency noted.
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